Life insurers paid out over $1.55 billion in claims to Australians for cancer, over the year to 30 June, 2019, according to the Financial Services Council (FSC).
Data from KPMG on behalf of the FSC found per 100,000 people insured there were 8.82 claims for breast cancer – the most common type of cancer.
This was followed by prostate at 4.47, colon at 3.47, lung at 2.98, and skin at 2.52.
FSC chief executive, Sally Loane, said the firm was releasing the data so that Australians would understand the volume and rates at which cancer affected the nation.
“The top 10 break down shows breast cancer claims are by far the most common, almost exclusively affecting women and occur at around double the rate of the most common cancer for men, prostate cancer,” she said.
“We know cancer doesn’t discriminate and can change lives overnight. We urge all Australians to get in touch with their life insurer or superannuation trustee to find out what their life insurance covers if they’re not sure.”
Claims per 100,000 people insured
Hodgkin’s Disease (Lymphatic system)
Source: FSC/KPMG data for the year to 30 June 2019 – claims rate per 100,000 people insured for Retail and Group Life Insurance